Sensex turns flat; L&T, RIL slump post earnings

Reuters Market Eye - The BSE Sensex is down 0.1 percent and the Nifty falls 0.07 percent.

Larsen & Toubro Ltd (L&T) , India's biggest engineering and construction group, shares fall 7 percent after the company said earnings slumped 12.5 percent in the June quarter from a year earlier, missing consensus estimates by a wide margin.

L&T's results also hit rivals such as Bharat Heavy Electricals Ltd which falls 6.8 percent.

Reliance Industries Ltd falls 1.9 percent even after reporting market-beating earnings late on Friday, as other income, mainly from treasury related gains, accounted for 38 percent of pretax profit for the quarter, according to the company.

 

(Reporting by Abhishek Vishnoi)